Which of the following equals demand in an open economy?
A) C + I + G + X
B) C + I + G + X - IM
C) C + I + G + IM - X
D) C + I + G
B
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Menu costs are an important source of price stickiness because ________
A) printing menus is costly B) putting items "on sale" reduces firms' revenue C) frequent price changes may lead to losing customers D) all of the above E) none of the above
In competitive price-searcher markets, short-run economic profits will lead to
a. long-run economic profits. b. the exit of firms from the market and the eventual restoration of zero long-run economic profits. c. the entry of additional firms into the market and the eventual restoration of zero long-run economic profits. d. the entry of additional firms into the market, which increases the demand for the product of each firm in the market.
A collective good is one that, to at least some degree, is:
A. consumed by more than one person. B. nonexcludable but rival. C. both nonrival and nonexcludable. D. nonrival but excludable.
If the price of a good increases and the total revenue remains the same, the demand for the good is
A) elastic. B) inelastic. C) unit elastic. D) perfectly elastic.